Mexico City is the capital and largest city of Mexico, and the most populous city in North America. It is one of the most important cultural and financial centers in the world. Mexico City is the oldest capital city in the Americas and one of two founded by Indigenous people. The city was originally built on a group of islands in Lake Texcoco by the Mexica around 1325, under the name Tenochtitlan. It was almost completely destroyed in the 1521 siege of Tenochtitlan and subsequently redesigned and rebuilt in accordance with the Spanish urban standards. In 1524, the municipality of Mexico City was established, known as México Tenochtitlán, and as of 1585, it was officially known as Ciudad de México (Mexico City). Mexico City played a major role in the Spanish colonial empire as a political, administrative, and financial center. Following independence from Spain, the federal district was established in 1824.